The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: BoostJunky on December 31, 2019, 09:11:59 AM
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I currently have a Chase Saphirre Preferred card and we don't travel much. It seems to make more sense to put my business expenses on a card that gives me more than 1% flat cash back as all I used the rewards for is a statement credit. I spend roughly $50k a year for business.
The Discover It cash back card seems to be the best, but I may run into retailers not accepting Discover correct?
Any other suggestions?
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Citibank Double Cash can generate 2% cash back. 1% when you buy, 1% when you pay.
Every other option should be held up against that card. I believe there is a Fidelity card that is similar-ish (generates 2%)
If you want to get more complicated, you can look at Chase Freedom (you can product change your Sapphire Preferred to the Freedom), Discover It, and figure out where the bonus categories (5%) are at any given time to get more than 2%. Since you also have business expenses, you can look at the Chase Ink line of cards, there are other category bonuses that are 3%+ (though I am not an expert on those)... it all depends on how many cards you want to swap between/remember.
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Fidelity 2% cash back into your Fidelity account. No signing bonus, no fees. A good one if you want to keep it simple.
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I'm a huge fan of the CapOne Savor card. I got a $500 sign up bonus (I think they've dropped that to $300 now) when I opened the card, which is the largest CC signup bonus I've seen, and I've churned quite a few. On top of that you get 4% cash back on all dining and entertainment and 2% on groceries. Most of my discretionary spending is dining & entertainment so the cash back really racks up for me.
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Any chance your business expenses are lumpy enough that you could do $50k in 6 months? If so, you can get $2,000 back with the Capital One Spark card, and 2% back as well. If you don't hit the $50k in 6 months, you still get $500 for spending $5000.
https://www.capitalone.com/small-business/credit-cards/?external_id=WWW_WF985_ZZZ_SEM-COSB_ZZZGO_T_COSB_ZZZZ_c_Zg_65fca07e-8ce7-4517-9904-eaa666fc2696_229731648648_419&target_id=aud-380580878851:kwd-313408327412&gclid=Cj0KCQiAgKzwBRCjARIsABBbFujyjlna1CuR8LCNA8Z2K8MqGPVa6ZQfAZbYcCOm4naPMDhjYSHU4ssaAlzJEALw_wcB
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Fidelity 2% cash back into your Fidelity account. No signing bonus, no fees. A good one if you want to keep it simple.
Depending on how quickly you need it, this is one to keep an eye on--I know that I got a $500 bonus when I signed up. I can't remember what the minimum spend was since this was 5+ years ago now and it's a card I've kept rather than cycling it, but every now and again I do see other offers on the Fidelity page.
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How much effort are you willing to expend?
What type of spending is it (travel, supplies, etc)?
You could make a considerable amount of points doing many different credit card signup bonuses with that type of spending each year.
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Fidelity 2% cash back into your Fidelity account. No signing bonus, no fees. A good one if you want to keep it simple.
Too bad I have a Vanguard account or I'd probably jump on this.
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Any chance your business expenses are lumpy enough that you could do $50k in 6 months? If so, you can get $2,000 back with the Capital One Spark card, and 2% back as well. If you don't hit the $50k in 6 months, you still get $500 for spending $5000.
https://www.capitalone.com/small-business/credit-cards/?external_id=WWW_WF985_ZZZ_SEM-COSB_ZZZGO_T_COSB_ZZZZ_c_Zg_65fca07e-8ce7-4517-9904-eaa666fc2696_229731648648_419&target_id=aud-380580878851:kwd-313408327412&gclid=Cj0KCQiAgKzwBRCjARIsABBbFujyjlna1CuR8LCNA8Z2K8MqGPVa6ZQfAZbYcCOm4naPMDhjYSHU4ssaAlzJEALw_wcB
Thanks, they aren't that expensive. More like 30-40k a year.
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Fidelity 2% cash back into your Fidelity account. No signing bonus, no fees. A good one if you want to keep it simple.
Too bad I have a Vanguard account or I'd probably jump on this.
Get the Fidelity card anyway.
There is no requirement to have any money in an investment account.
It is our go-to card for everything.